Michigan Gov. Rick Snyder and Detroit Emergency Manager Kevyn Orr defend their plan for the...

|By:, SA News Editor

Michigan Gov. Rick Snyder and Detroit Emergency Manager Kevyn Orr defend their plan for the city's bankruptcy, reiterating their opposition to a bailout and maintaining that general obligation bondholders will get no new deal. Meanwhile, the muni bond market's self-regulator says the treatment of GO bonds risks changing how investors view what has long been considered the safest class of municipal debt.